Key points:
- Elon Musk Has Completed His Twitter Purchase
- Possible Decentralisation Buoys Crypto
- Dogecoin Spikes on Twitter Wallet Rumour
Elon Musk has completed his purchase of the social media platform Twitter. This has been warmly welcomed by the decentralised finance community and seen Dogecoin spike up to a multi week high.
Elon Musk Has Completed His Twitter Purchase
After months of back and forth and legal challenges, Elon Musk, the planets richest man has completed his deal to purchase the Twitter (TWTR) social media platform. A lawsuit deadline from today, Friday 28th October has seen a resumption to get this agreement done, after several hurdles needed to be overcome since the original deal was first announced back in April. From the Musk side, concerns regarding the number of spam bots has been a sticking point, whilst from the Twitter side, at one point they were attempting to block the takeover, before filing a lawsuit for it to continue! Musk prosed to move ahead with the originally agreed price$54.20 per share, $44 billion earlier this month and the deal has now been done, with S&P Dow Jones Indices announcing that Twitter will be replaced in the S&P500 prior to trading opening today.
Possible Decentralisation Buoys Crypto
The cryptocurrency community will broadly be cheering this outcome. CEO of Bitcoin ATM company CoinFlip, Ben Weiss stated “In the last few years, Elon has been very vocal about his stance on crypto and blockchain. Musk understands Web3 and understands the potential of blockchain technology which will be instrumental in propelling adoption forward,” adding that “decentralization is a real possibility for Twitter.”
He went on to start that “In recent years, shutdowns and bans have become more prevalent. Regardless of your stance on the matter, decentralization takes the power away from corporations and gives it back to users.”
Also read: Top 10 Crypto Investors To Follow On Twitter
Dogecoin Spikes on Twitter Wallet Rumour
Dogecoin (DOGE) and Twitter are now more significantly connected via Elon Musk with the deal done. Back in April, Musk floated the idea of using Dogecoin as a payment method for the Twitter Blue service. This then saw a spike higher in the Dogecoin price.
We have recently noted the upside price potential for DOGE, and the anticipation and fulfilment of the Twitter deal has seen a surge in the meme coin over the past 48 hours. Yesterday saw DOGE spike up to 0.0855, before setting back, having surged over 40% trough to peak since Tuesday. Furthermore, the price is pushing back higher today.
From a charting/ technical analyses perspective, this aggressively bullish price action has reinforced a short-term bottom and now signalled a more sustainable, intermediate-term basing pattern.
Upside risks now into November will be up to and possibly through the 0.0895 chart resistances from August and May. Above here targets the 0.0961 level and psychological 0.1000. Year-end overshoot risk is now closer to 0.1183.